The insurance industry may be one of the few that can claim good business prospects against the backdrop of a global economic downturn, participants said at an industry forum in Shanghai recently.
The second "Million Dollar Roundtable China Day," co-hosted by the Million Dollar Roundtable and the Chamber of International Commerce Shanghai, brought together experts and industry veterans to discuss topics such as financial and health management.
"Under the current tough global economic situation, cash flow management would be the future trend, and the insurance industry is a good tool for that because it's certain, cash-based, and incremental in value," said Song Xiaoheng, founder of Hengtong Research Institute.
Stephen P Stahr, CEO of MDRT, indicated the importance of the Chinese market.
"It's so exciting to gather here again. Of the 10 member countries of MDRT, nine are from the Asia-Pacific region, with more than 21,000 Chinese members, which is far ahead of the other member countries," said Stahr.
China's insurance industry has continued to show strong growth momentum and development potential in recent years, as official statistics of 2023 showed that the insurance industry realised original insurance premium income of 5.12 trillion yuan (US$717.8 billion) in 2023, up 9.14% year on year.
Li Jianan, a member of the US National Academy of Medical Disciplines, reinterpreted the connotation of health, arguing that what matters when growing old is not only about living but also quality of life and being healthy.
"Our usual sense of perception is that healthy refers to people without diseases or dysfunctions, which is too one-sided. For many with chronic diseases and maybe with disabilities, being healthy is also a state of mind and body that can be fully owned."
Founded in 1927, the Million Dollar Roundtable is an international association of life insurance and financial management professionals headquartered in Illinois, with more than 95,000 members in the financial services industry and more than 700 companies in 80 countries around the world.
It set up a representative office in Shanghai in November 2020, with the Shanghai Council for the Promotion of International Trade serving as its business supervisor and co-hosted the first "MDTR China Day" last September, reported Shine.